91% of Harrison Street Real Estate Fund (VCMIX) shares offered were sold to secondary buyers;
Harrison Street Real Assets Fund (VCRRX) auction expected to launch October 2
MISSION, Kan., Oct. 2, 2026 /PRNewswire/ — LODAS Markets, together with Nasdaq Private Market’s (NPM) Nasdaq Fund Secondaries (NFS) business, and Harrison Street Private Wealth (“Harrison Street”), a division of Harrison Street Asset Management, today announced the successful close of their inaugural interval fund auction.
The auction, completed September 23rd in shares of the Harrison Street Real Estate Fund (VCMIX), is believed to be among the industry’s first intra-period auctions for interval fund shares. All purchasers were non-affiliated secondary buyers and the process was completed as designed across its three-week window, demonstrating a market-driven path to liquidity that complements the interval fund structure.
Auction highlights include:
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91% of all shares offered were sold. This includes shares from sellers who set an asking price above the price where the auction ultimately cleared.
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Nearly 99% of shares with an asking price at or below the clearing price were sold at the seller’s asking price or better.
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41% of the shares sold received a better price than requested. Those sellers offered to sell at a 20% discount to net asset value (NAV) and instead sold at a 15% discount.
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Demand outpaced supply. Buyer bids exceeded seller asks, signaling investor appetite.
Building on the success of the first auction, a second auction, for Harrison Street Real Assets Fund (VCRRX) is expected to launch October 2, 2026. The collaboration aims to create a scalable foundation for alternative liquidity options across a broad range of interval funds and other semi-liquid investment vehicles.
Semi-liquid fund net assets approached $600 billion at the end of March 2026, up more than 120% from the end of 2022, according to Morningstar’s “The State of Semiliquid Funds 2026” report (June 16, 2026), driven by advisor and investor demand for private credit, real estate and other private market strategies. As the market has grown, so has the need for liquidity tools that work in evolving market conditions.
Interval funds allow investors to access private markets and other alternative strategies through a registered investment structure. While these funds offer periodic opportunities for repurchases, investors and financial advisors have limited options when liquidity needs arise outside scheduled repurchase windows. The collaboration among NFS, Harrison Street, and LODAS Markets, first announced on August 24, 2026, was designed to address this gap through a periodic auction process that gives investors greater liquidity flexibility while complementing the existing interval fund structure. The auction sits alongside the traditional repurchase program, giving investors an additional, market-based option that is designed not to come at the expense of long-term shareholders.
